If you have poor credit or no credit at all, it would benefit you to enlist a cosigner for your auto title loan. Typically, car title loan lenders do not lend to people with subprime credit because these borrowers are seen as a risk. Therefore, cosigners with substantial credit could qualify you for lower interest rates and more favorable loan terms. Let’s learn more about cosigners for car title loans …
Cosigners with Good Credit
First and foremost, as previously mentioned, a cosigner should have good to excellent credit. Car title loan lenders will surely check the credit of you and your cosigner as well. Therefore your cosigner must have a credit score better than yours. Otherwise, there is no reason to invite this cosigner onto your loan. Learn more at http://www.unitedfinances.com/blog/better-ways-of-getting-cash-than-turning-to-car-title-loans/
Proof of Income
Your cosigner should have a reliable source of income. Likewise, you too will also have to provide substantial proof of income. Note that you and your cosigner’s incomes cannot be consolidated. Both you and your cosigner will need to provide significant proof of income. The greater your employment history, the greater the chance of being approved for an auto equity loan.
If you have bad credit or shoddy employment history, your lender is more likely to give you an auto title loan if you have a cosigner. For those with poor credit and gaps in their employment history, acquiring car title loans proves to be difficult. Additionally, having a cosigner on your loan could motivate you to properly pay off your loan as to not jeopardize your selfless cosigner. Lastly, getting a cosigner can help to rebuild your credit score. Once you pay your debt in full and on time, your credit score might improve! Read more at http://thecomeback.com/crystalballrun/2020-articles/the-difference-between-personal-and-car-loans.html